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Ethereum (ETH) has hit a new all-time high (ATH) in a key performance index. As highlighted by an analyst in the crypto space, Joseph Young, the blockchain hit an ATH of 24,192 transactions per second (TPS). This represents the highest seven-day average TPS for Ethereum.
Notably, this transaction peak signals that the Ethereum blockchain is processing more requests than before. The development indicates that Ethereum is undergoing a major shift in its scalability and utility in the cryptocurrency space.
As highlighted by Young, this growth might be a result of the Ethereum network being considered a “world computer.” The blockchain, which runs decentralized applications, is rapidly scaling and becoming more capable of handling large amounts of activity or transactions per second.
The implication is that Ethereum’s increased utility could catalyze increased value gain. According to Young, Ethereum is the decentralized economic engine that powers a large amount of the global finance. It also supports huge application-based activity in the financial space.
The increased transactions highlight the benefits of the post-Dencun upgrade scalability for the Ethereum blockchain. For clarity, the upgrade was aimed at improving scalability and lowering transaction fees in the ecosystem.
Hence, the recent milestone of 24,192 TPS signals Ethereum’s role as a high-throughput economic engine capable of performing large volumes of transactions.
Some members of the community consider this an indication of exponential growth with a huge potential for the future of a decentralized economy. Many anticipate that this achievement could transform decentralization as new speeds are attained amid scaling in the network.
Meanwhile, in the broader Ethereum space, the next major network upgrade, Fusaka, has been slated for early December. The Fusaka upgrade will enhance Ethereum’s scalability, user experience and security without sacrificing decentralization.
Many community members anticipate significant price growth for Ethereum after the Fusaka upgrade goes live in early December. The anticipation stems from the belief that the upgrade will trigger better adoption and network efficiency.
Ethereum, as of this writing, is changing hands at $3,153.25, which represents a 0.7% increase within the last 24 hours. The asset climbed from a low of $3,071.97 to hit an intraday peak of $3,252.66 before settling at the current price level.
This volatility might account for the low trading volume. Ethereum’s volume has declined by 34.47% to $35.12 billion within the same time frame. Investors are reluctant to start accumulation amid bearish momentum in the market space.
